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Once you know what you qualify for, save time and energy by narrowing your search to homes that fit your financial criteria. Try to preview properties online. 1. Deciding To Purchase A Home A prospective buyer must first determine where and what type of home they want to purchase and what they can afford. Understand what you can afford. How much money do you need to buy a house? That's the first question you'll want to consider, especially if you're buying a. Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio). This figure includes your future mortgage. If you are looking to buy your first home, you have less things to worry about. Here we have a quick checklist of things to consider when looking to buy a.
Five key things you need to know before buying a house · 1. Be real with what you can afford · 2. Don't forget about the silent costs · 3. Research, research. Begin With a Pre-Approval · Know Your Credit Score · Get to Know the Neighborhood · Consider Property Taxes and Other Costs · Consider Resale Value. 1. Talk to a mortgage broker or lender. Prequalifying for a mortgage should be the first thing on your homebuying to-do list. Decide what kind of mortgage you can afford. Generally, you want to look for homes valued between two and three times your gross income, but a financing.